JD.com Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-	44,660	23,257	9,691	-4,467
Depreciation & Amortization	-	8,904	8,292	7,236	6,232
Stock-Based Compensation	-	2,999	4,804	7,548	9,134
Other Adjustments	-	-3,616	7,078	9,984	11,884
Change in Receivables	-	-4,546	-310	-7,196	-5,632
Changes in Inventories	-	-20,154	9,891	-2,278	-16,697
Changes in Accounts Payable	-	27,844	4,614	17,658	32,585
Changes in Accrued Expenses	-	2,241	2,149	3,295	5,257
Changes in Income Taxes Payable	-	1,913	1,311	3,206	-468
Changes in Unearned Revenue	-	242	-3,485	4,207	8,459
Changes in Other Operating Activities	-	-2,392	1,920	4,468	-3,986
Operating Cash Flow	18,991	58,095	59,521	57,819	42,301
Operating Cash Flow Growth	-67.31%	-2.40%	2.94%	36.69%	-0.57%
Capital Expenditures	-25,470	-13,819	-20,015	-22,913	-22,255
Sale of Property, Plant & Equipment	-	81	130	1,418	1,765
Purchases of Intangible Assets	-	-	-	-	-23
Purchases of Investments	-	-151,608	-269,911	-187,811	-182,076
Proceeds from Sale of Investments	-	168,481	225,889	171,883	126,934
Payments for Business Acquisitions	-	-7,084	-5,468	-17,854	-1,924
Proceeds from Business Divestments	-	3,822	6,975	1,686	3,549
Other Investing Activities	-	-744	2,857	-435	-218
Investing Cash Flow	41,832	-871	-59,543	-54,026	-74,248
Short-Term Debt Issued	-	13,628	30,500	47,309	7,133
Short-Term Debt Repaid	-	-13,253	-27,387	-35,439	-5,982
Net Short-Term Debt Issued (Repaid)	-	375	3,113	11,870	1,151
Long-Term Debt Issued	-	13,999	-	-	-
Long-Term Debt Repaid	-	-	-	-31	-3,275
Net Long-Term Debt Issued (Repaid)	-	13,999	-	-31	-3,275
Issuance of Common Stock	-	27	33	1,043	62
Repurchase of Common Stock	-	-25,912	-2,497	-1,823	-5,246
Net Common Stock Issued (Repurchased)	-	-25,885	-2,464	-780	-5,184
Common Dividends Paid	-	-8,263	-6,741	-13,087	-
Other Financing Activities	-	-1,230	284	3,208	26,811
Financing Cash Flow	-26,728	-21,004	-5,808	1,180	19,503
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-186	98	125	3,490	-1,498
Net Cash Flow	33,909	36,318	-5,705	8,463	-13,942
Free Cash Flow	-6,479	44,276	39,506	34,906	20,046
Free Cash Flow Growth	-	12.07%	13.18%	74.13%	-33.42%
FCF Margin	-0.49%	3.82%	3.64%	3.34%	2.11%
Free Cash Flow Per Share	-4.26	28.79	24.92	21.95	12.90
Levered Free Cash Flow	-5,839	60,512	31,957	37,098	3,443
Unlevered Free Cash Flow	-22,935	38,346	23,801	28,663	16,297

Updated Mar 5, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

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